Business Owner Policy (BOP)

What is Business Owner Policy?

A business owner policy (BOP), is a package policy that combines all major property and liability risks in one. It is designed for small businesses to have the basic required protection in one policy at a premium less than having individual policies.

WHAT IS COVERED?

A BOP typically consists of three major parts, property insurance, business interruption insurance, and general liability.

1. Property insurance covers buildings and contents such as business furniture or equipment.
2. Business interruption insurance covers the loss of income resulting from a fire or other catastrophe that disrupts the operation of the business. It can also include the extra expense of operating out of a temporary location.
3. Liability protection covers your company’s legal responsibility for the harm it may cause to others. It protects your business from another person or business’ claims of bodily injury, associated medical costs and damage to their property.

REMEMBER

It’s important to note that general liability does not protect your OWN property. If you want to have a complete policy that protects your property and the liability protection, consider buying a business owner policy.

All BOP’s can be customized to tailor to your business needs and protection by adding additional coverages for a premium.

MAJOR TYPES OF BUSINESS INSURANCE: